EHR-EMR Market Overview
EHR-EMR Market is anticipated to list a CAGR of 5.82% and consequently gain USD 42,427.27 Million in revenues by 2027, says Market Research Future (MRFR). The rapid adoption of EHRs in several hospitals as a result of modernization initiatives is expected to drive the EMR-EHR market value in the coming period. The advancement of healthcare information technology, the abolition of paper records, and the growing need for healthcare records management all contribute to the growth of the EHR in the healthcare industry. The benefits associated with EHR-EMR implementation are anticipated to boost the EMR market share during the forecast period. Increased adoption of EHR-EMR in the APAC region as a result of improved funding access is expected to reshape the global EHR-EMR market.
The global electronic health records/electronic medical records market is primarily driven by the growing demand for electronic data storage by healthcare institutions. Electronic data storage enables hospitals to easily store and share large volumes of data with other healthcare institutions and patients. Over the forecast period, the growing demand for app-based medical data sharing with patients is expected to be a major driver of the global EHR-EMR market. Government support for long-term data collection in the healthcare sector is expected to be a significant driver of the global EHR-EMR market over the forecast period.
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However, the cost barrier associated with EHR-EMR is expected to impede the growth of the EHR-EMR market size. The increased likelihood of data tampering is expected to erode trust in implementing the EHR-EMR market during the forecast period. Transferring medical information to third-party apps, on the other hand, eliminates federal privacy protections, which is a major concern for the dissenting organizations.
Despite its rapid growth, the market may face challenges in the coming years due to a lack of standardized terminology and system architecture. On the plus side, government initiatives supporting the maintenance of patients’ electronic health records, as well as clinical benefits associated with EHR-EMR, may boost the market during the appraisal period.
EHR-EMR Market Segmental Analysis
By component, the software segment is the fastest growing and is expected to reach USD 25,823.57 million by 2027.
By application, the specialty-based segment of the EHR-EMR market is the fastest growing segment, growing at a 6.02 percent compound annual growth rate during the forecast period.
By Mode Of Delivery, the on-premises segment is expected to account for 55% of the EHR-EMR market.
EHR-EMR Market Regional Overview
North America’s regional EHR-EMR market accounts for the majority of the EHR-EMR market’s revenue. It accounted for a sizable 49 percent share of the EHR-EMR market in 2017. This is due to the region’s key players and technologically advanced healthcare infrastructure. The region is expected to see widespread adoption of electronic health records (EHRs)/electronic medical records (EMRs) (EMR). The increasing adoption of electronic health records in North America is the primary driver of the Americas EHR/EMR systems market during the forecast period. North America’s technological advancements have resulted in the region’s availability of advanced and differentiated EHR/EMR systems. North America has pioneered numerous product categories in the EHR/EMR market. This has accelerated the growth of the region’s EHR/EMR market.
Europe is the second largest market for EHR-EMRs. The increasing prevalence of chronic diseases and the growing government support for electronic health records (EHRs)/electronic medical records (EMRs) facilitate market growth.
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The Asia Pacific EHR-EMR market is expected to expand at a 6.77 percent compound annual growth rate during the forecast period. The Asia-Pacific region’s dominance is primarily due to a growing understanding of electronic health record systems, their increasing importance, and their compatibility with government programs and policies.
EHR-EMR Market Competitive Dynamics
The recognized companies in the EHR-EMR market are GE Healthcare (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), Advanced Data Systems Corporation (US), Athenahealth, Inc. (US), AdvancedMD (US), and eClinicalWorks (US).
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